Welcome to our dedicated page for Freightcar Amer news (Ticker: RAIL), a resource for investors and traders seeking the latest updates and insights on Freightcar Amer stock.
FreightCar America reports developments tied to its railroad freight car manufacturing and railcar aftermarket businesses. The company designs, produces and supplies railroad freight cars, railcar parts and components, and provides repair, rebody and conversion services that return idled rail assets to service.
Recurring news for RAIL includes quarterly and annual results, railcar deliveries, backlog, gross margin, adjusted EBITDA, cash flow, and outlook commentary. Company updates also cover aftermarket revenue trends, component distribution through Carly Railcar Components, annual meeting matters, investor conference appearances, and other governance or corporate communications.
FreightCar America (NASDAQ: RAIL) announced plans to acquire its partner’s 50% stake in the Castaños, Mexico joint venture and consolidate production there by January. The move includes closing the Cherokee, Alabama facility, reducing costs to adapt to low railcar demand exacerbated by COVID-19. The consolidation is expected to save over $20 million annually and lower production breakeven to under 2,000 railcars. The Castaños facility, now operational, can scale production significantly as demand grows. The company ended Q2 with $52.4 million in cash and plans to complete negotiations by year-end.
FreightCar America (NASDAQ: RAIL) reported a Q2 2020 revenue of $17.5 million with a net loss of $12.8 million or $0.97 per share. The company delivered 100 railcars in the quarter and maintained a backlog of 1,839 railcars valued at $207 million. Despite challenges posed by the COVID-19 pandemic and a cyclical downturn in demand, FreightCar commenced production at its Castaños, Mexico joint venture plant and forecasts delivery of 750 to 1,000 railcars in the second half of 2020. The management emphasizes the commitment to safety and operational efficiency.
FreightCar America (Nasdaq: RAIL) will hold a conference call on May 11, 2020, at 11:00 a.m. EDT to discuss its Q1 2020 financial results. The earnings release will be published before the market opens on the same day. Interested parties can join the call by dialing (877) 692-8957 with Confirmation Number 8606324 or access the live audio-only webcast online. An audio replay of the call will be available later that day, and on-demand access will also be provided through the company’s website.